Workplace Woes
This period in U.S. history ran from approximately the 1700's-1945 and was marked by economic growth and workplace innovations.
What is the Industrial Revolution?
This insurance protects a business or individual professional against claims by a client that the insured made a mistake that led their client to financial harm.
What is Professional Liability Insurance or Errors & Omissions Insurance?
In a surety bond contract, this is the individual/business that purchases the bond.
Who is the Principal?
This exposure refers to bodily injury and property damage to others.
What are Liability Loss Exposures?
This act was first passed in 2002 to serve as a federal backstop following a major terrorist attack.
What is the Terrorism Risk Insurance Act (TRIA)?
The "unholy trinity" were three ways in which employers avoided liability before workers compensation laws were passed. (provide at least 1)
What is contributory negligence, assumption of risk and the "fellow servant" rule?
This insurance protects a professional against claims by a client that the insured made a mistake that led their client to bodily injury, sickness or death.
What is Medical Malpractice insurance?
This is the company that issues a surety bond.
What is a Surety?
This auto symbol on the Policy Dec Page indicates the insured has coverage for non-owned automobiles.
What is Symbol 9?
This type of reinsurance occurs when a primary insurer cedes all of a specific class of policy to a resinsurer, usually for the year.
What is Treaty Reinsurance?
This era during U.S. history ran from 1901 to 1929 and saw the passing of workers compensation laws and other employee protections.
What is the Progressive Era?
Strong governance policies, clear HR practices and dual controls/segregation of duties are all ways an insured can mitigate this kind of insurance risk.
What is Management Liability or Executive Risk Insurance risk mitigation?
This is the party that requires a surety bond.
What is an Obligee?
1/7 drivers on the road are uninsured; another 2/7 do not carry the state mandated minimum limits! For this reason, many states require drivers to carry additional insurance if they are involved in an accident with these individuals.
What is Uninsured/Underinsured Motorist Coverage?
This type of insurance protects a policyholder directly for their own losses and damages.
What is First-Party Coverage?
This concept states that by accepting W.C. benefits, employees cannot sue then their employers for additional benefits (usually...).
What is the "Exclusive Remedy"?
This insurance protects an environmental consultant or engineers from errors in advice or reports that led their client to financial harm.
What is Environmental Professional E&O Liability?
This type of surety bond ensures a general contractor pays their subcontractors.
What is a Payment Bond?
This type of state law requires that each driver's own auto insurance company pays for their injuries, regardless of who caused the accident.
What are No-Fault Laws?
Data Breach Responses, Business Interruption, Extortion and Ransomware to name a few...
What are Cyber Insurance Coverages?
A large manufacturer may opt to join forces with another large manufacturer in the same industry to provide W.C. coverage to their employees.
What is a Self-Insured Group?
This insurance provides coverage when clean-up costs exceed the estimate provided by an environmental consultant.
What is a Remediation Stop-Loss policy?
This type of surety bond ensures a defendant will appear in court.
What is a Bail Bond?
Also known as tort laws, these laws state that the driver who caused the accident is responsible for all property and liability damages resulting from an accident.
What are At-Fault Laws?
This type of Aircraft Insurance insures physical damage to the aircraft - whether on the ground, taxiing, or in flight.
What is Hull Insurance?